They say it is not a Real Estate Tax

Adult students working together in a libraryI wanted to get this notice we  received from the National Association of Realtors out to all our blog friends.   This is the information and examples about the new 3.8% tax and how it affects real estate sales.  This tax is a part of the Obama Healthcare Bill.  It will be interesting to see if and what the Supreme Court upholds.   They say it is not a Real Estate Tax, because it does not remove the $250k and $500k deductions on the profit from the sale of your home, but applies to the profits after those deductions are taken and applies only to individuals over a certain income. It will apply to certain other incomes and capital gains.   I suggest you discuss it with your accountant or tax advisor.    The National Association, the Arizona Association  and the local Realtors are opposed to this tax, but our disapproval went unheeded.